Western Union concentrating on India

Published on in Foreign Exchange News by

Foreign Exchange Rates Ranges EUR/USD 1.3134-1.3160

Foreign Exchange Rates Ranges GBP/USD 1.6170-1.6196

Foreign Exchange Rates Ranges GBP/EUR 1.2300-1.2320

Western Union the money transfer services provider is looking in to extending its business to the remittances segment within India.

With over 100,000 agent locations across this country, it is considering providing person-to-person payment services between cities.

“India has witnessed steady growth of rural to urban and intra-state migration. All such people desire to send money home to support their families. If the opportunity presents, we are keen to play a role in domestic money transfers,” said Kiran Shetty, managing director for India at Western Union.
The company has experience in conducting the domestic money transfers in America, Philippines, Indonesia, Australia and New Zealand

The Euro trades with a softer tone after yesterday’s weaker economic data from France, Germany and Italy. Both the USD and Sterling are the main beneficiaries.

There is speculation that the ECB may announce a rate cut today with the next psychological support to the downside at €/$ 1.3000.

Commodity currencies are also weaker today (in particular NZD), all this ahead of tomorrow’s U.S. non-farm payroll data.

UK service sector PMI is due this morning, any pick up should see further gains for the Pound.

Foreign Exchange Rates EUR/USD currently 1.3124. Support 1.3000, resistance 1.3300.

Foreign Exchange Rates GBP/USD currently 1.6166. Support 1.6000, resistance 1.6300.

Foreign Exchange Rates GBP/EUR currently 1.2301. Support 1.2100, resistance 1.2400.

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